| Commentary

92 Accounting provisions

| Commentary

92 Accounting provisions

The Limited Liability Partnerships Act 2000 imposes considerably more accounting requirements on a limited liability partnership (LLP) than on a general partnership1. This is clearly a quid pro quo for allowing the members to have limited liability. The membership agreement will typically include provisions to ensure that the requirements of the Companies Act 1985 are complied with, including an obligation on the members of the LLP to ensure that proper accounts are kept showing a true and fair view of the LLP’s business and its affairs2.

In addition, the agreement will usually provide

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